Entrepreneur Aligned Podcast

As 2020 is slowly wrapping up, businesses are either thriving or surviving at best, and lending options seem to be getting limited. But, once we take a step back, we realize that we still have a few cards in our deck that are available to us. And knowing which one to play that will benefit our business model the most while driving the risks down is the real challenge.

In this episode, we cover why the financial environment matters to lenders and debt investors and why it should matter as a borrower. We discuss mortgages, commercial lending, and getting creative on your loan terms. We also discuss why now is a good time to review your insurance coverage for gaps and how to address those with a minimum of time.

If you want to find out how to maximize your lending options and mitigate your business risks in the fall of 2020, tune in to this episode now!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. Interest rates and lender behavior [02:00]
2. • Adjustable-rate vs interest-only mortgages [03:11]
3. Constantly reviewing and asking an increase in your business line of credit [08:11]
   • Being on the lookout for new coverages in your insurance [14:57]
4. Managing your business insurance to mitigate risks [12:08]

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The worst thing that entrepreneur investors can possibly do is to let emotions drive their investment decision-making. When emotions override logic, you are prone to make several irrational and bad decisions that could spell your financial downfall.

In this Mindset episode, we discuss the two pillars of awareness and discipline in managing yourself as an investor. We go in-depth on how our investment decisions and investment outcomes impact our emotional state and how that emotional state ultimately impacts our future investing strategy. We also discuss how as an entrepreneur who is making investment decisions both in your business and personally compounds your emotional load. We also discuss how to keep your focus on what creates the biggest value for you and your family and that investing is a tool to accomplish what matters most, not an end unto itself. Money is a tool that enables life, not an objective itself.

Don’t be a slave to your emotions and tune in to this episode now.

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. Emotional trade-offs in investment decision-making [00:50]
2. Examining oneself to get a better investment outcome [03:53]
3. Putting your family front and center in your decisions [05:14]
4. Going back to your core values and goals [06:31]

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When you feel like you’re winning and you just can’t help but think maybe this financial momentum that you’ve gained will never disappear, isn’t it just right to push your luck until you’ve finally won the big pot? Wrong. The thing about the future is that it’s always unknown. Sometimes, you just have to know—or plan—when to fold to make a graceful and plentiful exit.

In this Case Study episode, we discuss a specific investing case where being right on the investment, the direction, and even timing is still not enough without thinking through the strategy all the way to the exit. We discuss the specific example where an investor used put options to speculate on the selloff of a cruise line stock in early 2020 and how not being disciplined on the exit point eroded their returns. We discuss how to view any investment all the way through from start to finish and how to hold yourself accountable to the process.

Be wiser in planning your exit strategy by tuning in to this episode.

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. A real-life case study on exit strategy [01:26]
2. Why you need to have an exit strategy, short-term investment or not [03:49]
3. Having the right discipline and composure when investing [04:38]

Connect with Already Successful: 

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With tech companies gaining momentum in the public market, especially in this time of crisis, it’s difficult to resist the temptation to invest and just try to ride the tide. However, before getting yourself into a sticky situation, always remember to weigh the pros and cons first and think twice before making big investment decisions.

In this Investment Opportunity episode, we discuss why large-cap tech continues to win and win big and how that makes public markets look incredibly attractive. Does this end soon or is this a new normal? Are these companies so important and so central to our economy that the investing advantage is durable? We also touch on why ultra low-interest rates and Fed promises of liquidity for markets when needed is huge and how it creates distortion. 

Make better investment decisions. Tune in to this episode.

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. Will big tech companies continue to dominate the public market in the future? [00:47]
2. • Investing in an irrational market [02:17]
3. Negative real yields on safe investments [03:58]
4. Managing your emotional and mental state during a global crisis [05:51]

Connect with Already Successful: 

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Do you often find yourself chasing after the next shiny object? More often than not, when better opportunities present themselves, we tend to hop right onto the bandwagon without really knowing whether it can help you achieve your goals or not. However, by setting your plans in stone, you never have to worry about getting off track with your success journey.

In this Focus of the Month episode on Investment Planning, we focus on why everybody has a plan until they get punched in the mouth and how missing out on the new hot thing, taking losses, or just making bad decisions all hit you as an investor. In this episode, we discuss why an Investment Policy Statement or IPS is easy to stick to when the economy and investments are goldilocks, harder when it is really cold or really hot. Why investing is always feeling like I should ‘do something!’ to take advantage of ever-better opportunities and how to combat that feeling. We also talk about why if you want to have money to be tactical in the short term, set it aside in your IPS and your allocation. Don’t decide to change big pieces of your strategy on the fly.

This episode may be short, but the value you get from it is plentiful. Tune in now!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. What is an investment plan and why do you need one [01:12]
2. Tying your investment plan to your goals [03:20]
3. Using the IPS to fight the feeling of ‘should do something’ [04:57]
4. Sticking to your plan regardless of the situation [05:52]

Connect with Already Successful: 

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For entrepreneurs and small business owners, their business means everything to them. As such, determining the value of their business can be a one-time thing that could define success or failure in a business negotiation, whether it be a sale, a merger, or succession planning.

In this episode, we get the insider's perspective on business valuation from CPA and ABV Chris Anderson of Adams Capital. Chris shares his wealth of expertise discussing the use cases and types of business valuations, the variables they consider, and how to use valuation information to help grow your business value over time. We also discuss how business valuation works together with your broader personal financial strategy and why keeping your personal finances front and center in business exit planning leads to better outcomes.

Don’t sell yourself short and tune in to this episode now!

About Our Guest:

Chris Anderson is a Valuation Expert from Denver, Colorado. A CPA and a Partner at the Denver Office of Adam’s Capital, he is an ABV focusing on gift & estate tax planning and business succession planning. A Partner for 10 years, the wealth of experiences he has amassed has continued to make an impact for entrepreneurs and business owners alike.

You can reach Chris through his email at [email protected].

Resources:

• Destiny Capital (https://www.destinycapital.com)
• Learn more about Chris Anderson (https://www.adamscapital.com/chris-anderson)

What’s Discussed in This Episode:

1. Factors involved in a business valuation [03:46]
2. Reconciling ideal and reasonable cash flow predictions [06:11]
3. Purposes for valuation and their impact on the valuation metrics [09:20]
4. Core drivers and risk factors in determining value [13:29]
5. Why you need to do valuation [18:16]
6. The essence of doing a yearly valuation [21:22]
7. The role of valuation in writing continuity plans [29:55]
8. The essence of doing valuation in 2020 [33:45]
9. Get the right advisory team [38:08]

Connect with Already Successful: 

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Making brash financial decisions based on strong emotions is NEVER a great idea. The more you let your emotions drive you, the murkier your mind becomes, the more irresponsible the decisions you make. So how do you detach yourself from the FOMO feeling while making critical decisions especially during a pandemic? That’s what we’re here to find out.

This episode is a conversation on the emotional side of being an entrepreneur-investor during times of disruption. We discuss the fear of missing out or FOMO during hot markets, times of disruption, and inside your business. We discuss stock picking, speculative investing, and how to ensure that you are turning back to your investing principles before making decisions. We also discuss the iceberg that is business ownership where success is visible above the surface while much of the hard decisions and pain points hide below the water. We also touch on how COVID is creating new opportunities to break inertia in your personal life and take action on some of those things you may have been unable to do before. We hope you enjoy this conversation because we certainly did while having it!

Keep calm during a global crisis, rethink your strategies, and listen to this show now!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. FOMO [03:25]
2. Tradeoffs and Opportunity Costs [05:59]
3. Speculative investing [06:27]
4. Going back to first principles of investing [10:56]
5. FOMO when looking at your peers as a business owner [14:29]
6. Using COVID disruption to break inertia and make changes [28:09]

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Building a real estate portfolio can be tricky and confusing for most entrepreneurs. Contrary to popular belief, it’s one of the asset classes that can be time-consuming and requires a lot of work. However, by learning the right twists and turns of real estate investing, maneuvering around it becomes a lot less challenging.

Our conversation with Ryan Finch is packed with information on the power of private real estate investing. We cover the various approaches, how to do it well, and areas where we see it go wrong. We cover single-family, multi-family, commercial, and various ownership structures. We also spend time covering personal guarantees on recourse financing versus non-recourse financing where you are not personally guaranteeing the debt. This episode is a great way to build your framework to get started on real estate investing or to continue building out a strategy for seasoned investors.

Avoid making bad decisions and taking the wrong turns by tuning in to this episode now!

About Our Guest:

Ryan Finch is a successful real estate advisor based in Denver, Colorado. Starting his real estate investments at the young age of 19, he has since amassed more than 10 residential properties over the years. He is the president and founder of Tangible Wealth Solutions, helping clients build their portfolio and achieve the same financial success as him.

You can reach him through his cell at 720-338-1650 or through email at [email protected].

Resources:

• Destiny Capital (https://www.destinycapital.com)

• Tangible Wealth Solutions (http://www.tangiblewealthsolutions.com/)

What’s Discussed in This Episode:

1. How to get started and what are the look fors [03:16]
   • Different ownership structures and vehicles [15:02]
2. What makes Tangible Wealth Solutions different [08:42]
3. Personal guarantees and non-recourse financing [18:00]
   • What reasonable fees should look like [25:15]
   • Time requirements for various approaches [27:13]
4. Entity structures for funds [22:28]
5. Delaware Statutory Trusts and 1031s [29:51]
6. The Power of Real Estate when done correctly [35:55]

Connect with Already Successful: 

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Entrepreneurs should think of investments differently compared to nine to five employees. Knowing where to allocate and where not to allocate your resources for the purpose of building investments is a game-changer for an entrepreneur like you. 

In this episode we go deeper on specific asset types and investment that we discussed in our previous episode on building principles for investment. We build specific case studies for fictitious clients and how to build their investment approach. Fictitious clients who earn about $10M per year but with a lot of variation from year to year and have a mix of assets spread across liquid investments, real estate, and as is the case for most entrepreneurs the largest piece of their assets is the equity in their business.

We break down how we work with them on trade offs between Public Markets, Private Markets, Real Estate, and how these pieces work together to accomplish their goals. So for those interested in getting into the tactical details of portfolio management, this episode is for you!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode: 

1. An overview of today’s episode [3:10]
   1. Difference between two cases - 90% versus 50% tied up in business equity [7:29]
   2. How cash flow makes a difference in the investment types [10:51]
2. Public markets passive investing [6:05]
3. Investments are about creating opportunities not burdens [12:00]
   1. Ways to access municipal debt [12:49]
   2. Advantage of a municipal debt [13:15]
   3. How muni debt can help with tax exemptions on multiple levels [14:39]
   4. Taxable equivalent yield [14:55]
4. Addressing municipal debt [12:37]
   1. Who will benefit from real estate investment? [17:53]
   2. Why people are attracted to real estate as an investment [18:45]
   3. Direct ownership, more illiquid as avenue for better returns [19:15]
5. Real estate [16:22]
6. Comparison of typical yields for different investments [19:41]
   1. Who and who should not invest in private equity [22:36]
7. Private equity [20:44]
   1. Option 1: Doing it direct [24:26]
   2. Option 2: Initial public offering [26:37]
   3. Why venture capital is more impact driven [28:42]
8. Venture capital [24:01]
9. Bitcoin [30:02]
10. Options, strategies and how it shows up in the present environment [33:59]
11. This episode’s ask [38:28]

Connect with Already Successful: 

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One of the biggest mistakes that entrepreneurs make when deciding their next move is to just rely on instinct or gut feelings. However, making decisions based on the FOMO feeling is a recipe for disaster. So, what’s the proper approach when coming up with investment strategies?

This episode is for entrepreneurs who want to develop their personal investing principles and get clear about why they invest in the things they do. We discuss the principles of investing we use for our clients at Destiny Capital. We also discuss some specific examples of how we use our principles when helping clients make decisions in a variety of asset types including public markets, private markets, and non-traditional assets.

Destiny Capital Principles of Investing:

1. Ensure that you never go bust, stay in the game
2. Be clear about the game you are playing with any investment strategy
3. Be disciplined, greed and fear-based transactions are seldom profitable
4. Manage your liquidity needs and adapt as they change
5. If you are paying a premium for a strategy it needs to carry an information or access advantage
6. Investing decisions should be based on objective data, not subjective emotion, or 'gut feelings'.  Decisions based on emotion tend to lead to negative outcomes.
7. Financial markets are constantly evolving, have an adaptive mindset to adjust to changes in opportunities and risks
8. Be a force for good with your investing
9. Don’t forget about the first principle

Tune in to this episode!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. An overview of today’s topic [01:09]
2. Principles are essential in making tough decisions [03:40]
3. Principle #1: Never go bust [04:48]
   • Your investment strategies should align with the four pillars of your life [08:07]
4. Principle #2: Be clear about the game you are playing [06:37]
   • Without discipline, greed and fear sets in [10:23
   • Why Tiffany was able to bounce back despite investment strategy issues [10:32]
5. Principle #3: Be disciplined with your strategy [09:15]
   • You need to have your bull and bear market strategies [16:12]
6. Principle #4: Manage your liquidity needs [14:47]
   • If there’s no informational advantage, the cost should rule the decision [21:04]
7. Principle #5: If you’re paying a premium, have an informational or access advantage [18:31]
   • Using gut feelings is almost never the right call [22:54]
8. Principle #6: Investing decisions should be based on data, not gut feelings [21:10]
   • Don’t become the next Blockbuster [26:33]
9. Principle #7: Have an adaptive mindset [24:55]
   • Be conscious of what you consider to be good [30:37]
10. Principle #8: Be a force for good with your investing [29:19]
11. Overview of the next episode [33:07]

Connect with Already Successful: 

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Connect on LinkedIn: https://www.linkedin.com/company/alreadysuccessful

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